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US primary markets continued to stay active, with new deals at $37.7bn vs. $41.2bn seen a week before this. IG issuers racked up $30bn in deals led by Bristol Myers’ $13bn nine-part debt deal and American Express’ $2bn two-part deal. HY issuers accounted for $7.7bn of the volume with TransDigm’s $4.4bn two-part deal and AmWINS Group’s $750mn issuance leading the tables. In North America, there were a total of 46 upgrades and 27 downgrades across the three major rating agencies last week. US IG funds saw $2.3bn in inflows for the week ending February 14, adding to the $2.8bn seen a week before that. HY funds saw $89mn in outflows during the same period, reversing the $549mn in inflows seen a week prior. 5Y CDS spreads in the US and EU are at is tightest levels in the month, standing at 52-55bp.
EU Corporate G3 issuances recorded $30.2bn in new deals, unchanged from the week prior to it. The largest deals were led by KfW’s €4bn deal and BNP Paribas’ $3.25bn two-part deals leading the tables. The region saw 33 upgrades and 11 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $100mn in new deals with a sole issuance by ADCB after seeing $5.4bn in deals a week prior to it. Across the Middle East/Africa region, there were no upgrades and 11 downgrades across the major rating agencies. LatAm saw no new deals vs. $1.7bn a week ago. The South American region saw 6 upgrades and 4 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at only $100mn last week vs. $5.7bn a week prior to it, with a sole deal by Malayan Banking. In the APAC region, there were 5 upgrades and no downgrades across the three rating agencies last week. While US and EU CDS spreads are at is tightest levels in the month, the Asia ex-Japan CDS spreads are near its widest, touching 100bp.